slashed interest rates 0.75 percentage point

U.S. stock futures seesawed Tuesday after the Federal Reserve, responding to a growing financial market crisis, slashed interest rates 0.75 percentage point.
Dow Jones industrial futures, down more than 500 points, or more than 5 percent, before the Fed move, were fluctuating violently an hour before the start of trading, but improved to a level where they were down 206, or 1.70 percent, to 11,900.
The Fed move was unsurprising, given that world stock markets were falling precipitously the past two days, and that U.S. stocks had tumbled last week amid growing fears of a recession in the United States. Still, the markets are still quite anxious, not sure that even interest rate cuts will lift an economy slammed by an ongoing housing and credit crisis.
The Fed's move came a week before the central bank's regularly scheduled meeting, a sign that the Fed recognized the seriousness of the world financial situation.
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